Land market in prime location in Vinh city center, demand exceeds supply
(Baonghean.vn) - With the development orientation to become the center of the North Central region, the current rapid urbanization speed, the land segment in Vinh city, especially in central and prime locations, is increasingly scarce in supply; while the demand of people and investors is very large.
The market is "thirsty", the price of land in the center is constantly increasing
Vinh City is oriented to develop into the North Central region's center of finance, trade, tourism, science and technology by 2020. The economic growth rate in 2018 reached 9%, urban infrastructure was invested in upgrading and improving such as Vinh Urban Development Project, Vinh Urban Development Sub-project... with capital of millions of USD.
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| Vinh City is oriented to develop into the center of the North Central region. Photo: Document |
Currently, a series of real estate giants such as Vingroup, FLC, Vinaconex and foreign investors from Thailand, Korea... are present in Vinh. In the near future, the Cua Hoi bridge project across Lam River connecting Vinh City and Ha Tinh Province will come into operation; The Vinh - Cua Hoi - Cua Lo roads are being completed, ensuring convenient traffic and potential exchange between economic regions. This makes the real estate market here more vibrant than ever.
According to real estate experts, the completion of Vinh urban infrastructure, along with the presence of real estate businesses, has launched many housing and townhouse project packages, creating heat for the market.
In recent years, land prices in Vinh city have continuously increased. In 2018, it increased by about 12% compared to 2010. According to a survey by some units, land prices in central wards such as Le Mao, Doi Cung, Hong Son, Truong Thi range from 15 to 30 million/m2Land on Nguyen Thi Minh Khai, Nguyen Van Cu, Le Hong Phong, Le Loi streets... price from 80 -100 million VND/m2depending on location; suburban areas such as Vinh Tan, Hung Loc commune, Nghi Phu... in 2010 were 3 - 4 million/m2now has increased 4.5 times.
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| Vinh City - an attractive land for investors. Photo: Document |
Projects with beautiful locations, central locations, and rapid completion progress, although prices are increasing rapidly, are still in need of supply. As for the auctioned land segment in Vinh City, the land price after auction also increased by about 10 - 15% and especially increased rapidly in beautiful locations such as Quan Bau, Hung Dong, Dong Vinh areas...
Because the supply is very limited, many investors accept to buy at high prices but it is not easy to find satisfactory products.
Mr. Hung, an investor, said: “I choose newly developed projects rather than buying secondary products. I accept high prices as long as the legal status is guaranteed and the location has potential. However, in reality, recently the market has almost no new projects for sale.”
In recent times, while the land market in the city center is lacking in supply, many people choose apartments in prime locations as an alternative. However, recently, the Department of Construction announced that it will stop issuing construction permits for apartment projects in the city to ensure urban planning and infrastructure. This further narrows the supply of housing in the inner city. According to real estate experts, this decision will cause the market to lean towards suburban land projects with reasonable prices, suitable for the financial capacity of the majority of customers.
Rare opportunity for investors
Sophisticated investors often look for projects that are open for sale in the first phase and have clear and complete legal documents. Because in reality, buying land in the first phase of sale is often at a reasonable price, and there will be many promotions and high discounts from the project investor, so the ability to bring in profits is very high.
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| Lucky Ari Project Perspective. |
Mr. Duc Thang - a long-time investor who deposited to buy land in the Lucky Ari project at the intersection of Nguyen Truong To and Nguyen Phung Thoi streets, Vinh Thanh block, Dong Vinh ward (Vinh city) in the first sale said: "I have also consulted many experts, Lucky Ari has a beautiful location, full internal and external utilities and a reasonable price suitable for the financial level of the majority of customers; therefore, I am very confident and secure in investing".
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| Lucky Ari project infrastructure is invested quite synchronously. Photo: PV |
In fact, the current market in Vinh City has very few projects that meet the criteria of location, quality, legality... as mentioned above, so the 67 plots of land in the Lucky Ari Project have attracted special attention from customers since their announcement and are a product worth investing in.
Moreover, this is a new project, with affordable prices starting from about 1.2 billion VND, and is being introduced for the first time with many special incentives, so it is even more attractive to customers.
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| Lucky Ari project, Dong Vinh ward (Vinh city) has attracted special attention from customers since its announcement. Photo: PV |
All details about the Urban Area ProjectLucky Ari- Vinh City please contact exclusive distributor:
Tam Que Real Estate Floor
Address: No. 7, Mai Hac De, Vinh City, Nghe An
Hotline: 0914277737
